(12/14) We finally broke the short-term support level of $3,300 yesterday afternoon and saw it bottom out at ~$3,200 later around 7PM EST. There has yet to be a compelling reason to want to get long in this ugly, bearish market. Usually, in an over-sold or over-extended market, you would see shorts covering to take profits, which would help create some support and even potentially give a relief rally for the trapped length to sell into. The question is, are the shorts enough to overpower the selling that has been relentless over the last month.
This chart we put together for you this morning shows the relationship between the 3-4 day SHORT COVERING that coincides with a lack of actually PRICE rally in BTC. That is not good… That shows that as shorts are coming in to buy, they are still very much getting overpowered by sellers of length. In the same chart you can see that as SHORTS are initiated, they can take BTC price down faster and harder than on the way up. To us, this shows that there is still NOT a bottom that has been put into this chart.
Trading futures, swaps and any derivatives thereof (collectively “financial interests”) involves substantial risk and is not appropriate for everyone. Past performance is not indicative of future results. Any communication and/or attachment sent to you by BitOoda or Ooda Commodities LLC (collectively “BitOoda”) that contains market recommendations, research reports, pricing reports and/or other information (collectively "Market Information") regarding financial interests: (i) is not a solicitation to enter into a transaction involving financial interests; (ii) may be based upon information obtained from sources believed by BitOoda to be reliable; (iii) may be based solely on the opinion of BitOoda; (iv) may be incomplete; and/or (v) may be unverified. BitOOda makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any Market Information furnished to you. Further, changes in market conditions may affect the Market Information provided to you by BitOoda. Please note that Market Information does not account for transaction costs, such as commissions, or slippage. Actual trades made in reliance on any price contained in Market Information will likely result in transaction costs and may incur slippage, which may adversely affect the value of the trade. Please contact BitOoda for firm bids and offers regarding any financial interests that you may execute through BitOoda.
This chart we put together for you this morning shows the relationship between the 3-4 day SHORT COVERING that coincides with a lack of actually PRICE rally in BTC. That is not good… That shows that as shorts are coming in to buy, they are still very much getting overpowered by sellers of length. In the same chart you can see that as SHORTS are initiated, they can take BTC price down faster and harder than on the way up. To us, this shows that there is still NOT a bottom that has been put into this chart.
Trading futures, swaps and any derivatives thereof (collectively “financial interests”) involves substantial risk and is not appropriate for everyone. Past performance is not indicative of future results. Any communication and/or attachment sent to you by BitOoda or Ooda Commodities LLC (collectively “BitOoda”) that contains market recommendations, research reports, pricing reports and/or other information (collectively "Market Information") regarding financial interests: (i) is not a solicitation to enter into a transaction involving financial interests; (ii) may be based upon information obtained from sources believed by BitOoda to be reliable; (iii) may be based solely on the opinion of BitOoda; (iv) may be incomplete; and/or (v) may be unverified. BitOOda makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any Market Information furnished to you. Further, changes in market conditions may affect the Market Information provided to you by BitOoda. Please note that Market Information does not account for transaction costs, such as commissions, or slippage. Actual trades made in reliance on any price contained in Market Information will likely result in transaction costs and may incur slippage, which may adversely affect the value of the trade. Please contact BitOoda for firm bids and offers regarding any financial interests that you may execute through BitOoda.